Braeburn Capital is an asset management company based in Reno, Nevada and a subsidiary of Apple Inc. Apple created the company on April 6, 2006 to better manage its assets and to avoid certain California state taxes. At the end of 2005, 2006, 2007, and 2008, Apple's cash and short-term investments were valued at US$8.3 billion, US$10.1 billion, US$18.45 billion, and US$24.490 billion, respectively. As of September 26, 2009, its cash holdings were reported to be US$33.992 billion. The name Braeburn refers to a particular cultivar of apple. This is a play on the name of the parent company Apple Inc.